Blockchain used to auction off 17th Century Mansion

In an announcement made last week, a Beverly Hills real estate agency Hilton & Hyland stated that through a collaboration with Propy, the Palazzetto inside the Palazzo Albertoni will be auctioned off via the blockchain. The beautiful property was built between 1580 and 1616, was designed by Giacomo Della Porta and is listed as a UNESCO heritage site.

Valued at a staggering $42 million, interested parties have been invited to bid on it in either fiat currency or cryptocurrencies and they have until June 28th to make their bid.

CEO of Propy. Natalia Karayaneva stated that she believes the auction is a unique opportunity to make history by recording the sale of a historic building on the blockchain.

“It is not a transfer test of a couple dollars worth of value or questionable digital collectables — but a multi-million dollar deal where lack of transparency can result in a significantly worse deal for the investor or seller.”

In the future, Karayaneva hopes to see more and more real estate deals taking place over the blockchain and taking advantage of the platforms security and immutable record keeping capacity. She believes that this will help to reassure buyers that are worried about losing their funds, or that are put off by complicated transaction processes.

“The process of buying real estate today is non-transparent and non-secure even in the U.S. The bidding mechanism of providing offers blindly is very manipulative. This is why it is important to not only automate payment and title deed recordings … but also to automate the auction and offering mechanisms,” Karayaneva said.